Use the Information Below to Answer the Following Questions

question 106

Multiple Choice

Use the information below to answer the following questions.
Fact 3.5.1
The market for coffee is initially in equilibrium.Pepsi is a substitute for coffee; cream is a complement of coffee.Consider the for coffee.Assume that all ceteris paribus assumptions continue to hold except for the event listed.
-Refer to Fact 3.5.1.An increase in the price of Pepsi, a substitute for coffee will

• A)decrease the price and the quantity demanded of coffee.
• B)increase the supply of coffee.
• C)increase the price and the quantity demanded of coffee.
• D)increase the price and the quantity supplied of coffee.
• E)decrease the price and the quantity supplied of coffee.

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